President Bola Tinubu has requested the National Assembly to approve external loans amounting to$6 billion.
The request was captured in two different letters addressed to senate president
Godswill Akpabio and read during plenary on Tuesday.
In one of the letters, President Tinubu sought approval to obtain a $5bn facility from Abu Dhabi Bank to support budgetary shortfalls and debt obligations, among other financial needs.
In another request, the president also asked the upper chamber to approve a $1bn loan facility from UK Export Finance in partnership with Citi Bank, London, earmarked for the rehabilitation of key port infrastructure.
The proposed projects include the upgrade of the Lagos Port Complex and Tin Can Island Port, with the aim of addressing infrastructural gaps, enhancing operational efficiency, improving safety standards, and boosting non-oil trade diversification.
Tinubu further stated that the intervention would help position Nigeria as a competitive trade hub.
Following the presentation, Akpabio referred the requests to the Senate Committee on Local and Foreign Debts, chaired by Senator Aliyu Wamakko, for necessary legislative consideration and prompt report back to the chamber.
